What You Need to Know Before Signing Your First Lease

Most tenants know to read their leases carefully before signing them. While some tenants may not always seem thorough about it, they do understand the importance of reading this document. Just like tenants, you, as the property owner, should be diligent in examining the lease.

Understand What’s in the Lease

You might think you know the lease terms from top to bottom, but that’s rarely the case. It’s easy to forget something vital, especially for property owners who don’t hire managers. (more…)

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Why You Should Hire a Property Management Company

Even if you only own one small rental property, there are many reasons you should hire a third-party property manager. While working with this type of professional is not required by law, they can become a valuable resource. You’ll avoid many complicated financial and legal pitfalls with their help.

Keep Your Financials in Order

Even though you have done your due diligence, you won’t know every financial aspect of managing your rental property. This is especially true when it comes to paying your taxes. The tax codes change yearly, and you could be overpaying if you fail to keep up with the updates.

Property managers stay updated on IRS regulations to ensure they can manage taxes and other financials accurately. You can leave all the bookkeeping in your manager’s capable hands. (more…)

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The Benefits of Living in Your Own Rental Property

With everything, you’ll have to learn as you get started, investing in real estate can seem overwhelming. However, when you buy a multifamily home to use as rental income, you can get a more gradual start in real estate investing. You’ll have more opportunities to learn what it takes to become a successful landlord with real practical experience.  

Get Better Loan Terms

When you apply for a loan to buy real estate that you’ll use strictly for investment purposes, you won’t qualify for certain mortgage programs. The best terms you can hope to obtain in this situation are a 25% down payment with a 20-year term. You’ll also pay interest that’s at least 2% higher than the rate applied to homebuyers. (more…)

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Hurricane Relief Resources for Maryland Rental Property Owners

When you own rental property near a coastal area, hurricanes, and tropical storms are a significant concern. Your rental property could suffer severe damage that your insurance policy might not fully cover. While this can put you in a dire situation, there are resources you can turn to for help.  

Apply for Tax Relief

While you should look to your community for more immediate resources for hurricane relief, long-term relief is also available. Your property management company can help you obtain the Damaged Property Assessment Reduction Form from the Maryland State Department of Assessments and Taxation.  (more…)

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The Best Tax Benefits of Real Estate Investing

There are many exciting benefits when it comes to real estate investing. One of the most notable is the myriad of ways it can help you save on your taxes — which can also help you earn more from your properties overall.

If you own investment property, make sure to take advantage of these key tax benefits:

Mortgage Interest and Credit Card Payments Are Deductible

If you borrowed money to buy your rental property, the interest on your loan is tax deductible. Make sure to keep records of your loan payments for verification. (more…)

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Lease Renewal vs. Lease Extension

While a lease renewal and lease extension allow a tenant to stay in a rental unit beyond the lease’s expiration date, each option gets handled differently. Learn the best times to use an extension or a renewal.   

Will Your Lease Include an Automatic Renewal?

According to The People’s Law Library of Maryland, a property owner can include a separate provision with the lease for automatic renewal. The renewal must be for a period of more than 30 days, and the tenant must sign the provision to show acknowledgment.  (more…)

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What Happens if You Can’t Pay Your Rent?

As a rental tenant in Baltimore, it’s important to understand your rights and your landlord’s rights in the state of Maryland. While on-time rent payments are always encouraged, life circumstances can sometimes arise that make on-time or full payments impossible. 

In general, landlords and property managers have the power to forgive occasional late rent payments if they choose to. However, on-time rent payments are typically required per most rental lease agreements. This means that Maryland landlords can take legal action when tenants are unable to pay rent. 

Failure to Pay Rent in Maryland

If a tenant fails to pay rent in Maryland, landlords can go to court to ask for eviction of their tenant. The procedure of rental tenant eviction is called a summary ejectment, and the court cases are typically called failure to pay rent cases.  (more…)

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Evictions: 30-Day Notice in Maryland

Although your goal as a Maryland property owner is to find reliable and long-term tenants, there might come a time when you have to pursue an eviction. Either due to nonpayment or extensive property damage, an eviction might be the best way forward. Here are the conditions in which you can evict a tenant with a 30-day notice. 

The Non-Payment of Rent

You or your property manager can evict a tenant who hasn’t paid their rent on time. This is a useful tool when the rent due date has come and gone and you haven’t received communication from your tenant. The 30-day notice gives the tenant a chance to stop the eviction process by paying the amount owed before the sheriff arrives to enforce their eviction. (more…)

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How to Handle Maintenance on Your Rental Property

As a landlord, the responsibility of maintaining your rental property falls to you. This includes everything from making minor repairs to complying with building codes to dealing with major disasters. 

It’s imperative to take care of maintenance issues promptly to avoid more serious problems and repairs down the road. 

Tips for Maintaining Your Rental Property

But what’s the best way to handle the maintenance of your rental property? Since upkeep can be time-consuming, costly, and labor-intensive, many landlords prefer to let a professional property management company handle it. (more…)

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Making the Perfect Rental Agreement in Maryland

Renting out your property can be a solid way to keep your income flowing. Managing your property includes many aspects, including having rental agreements in place. To make the perfect rental agreement in Maryland, you must keep some things in mind.

Things to Consider When Drawing Up a Rental Agreement

There are numerous resources available to help you create a rental agreement in Maryland, from templates to attorneys to professional management companies. You’ll need to ensure that several vital components and clauses are included in your agreement. (more…)

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